Cosco International Holdings is getting out of the property business as it shifts its focus to paint products and shipping. The firm would not acquire any more properties in Hong Kong after selling its major asset - eight floors of the flagship Cosco Tower in Sheung Wan - to its parent for $1.4 billion last month, said deputy manager director Lin Libing. The firm had already received a $600 million deposit from parent Cosco Hong Kong, while the rest would be received by next month, said Mr Lin. However, he added that the $290 million profit from the transaction was not likely to be booked in the firm's first-half result. The company said it would use the proceeds for expansion of its shipping operations and to reduce debt. 'We may restructure, sell or spin off [our non core-business],' said Mr Lin. He added that the firm might still consider development projects on the mainland, where it expects to reap about $200 million from sales at its 1,400-unit Shenyang residential project, Yihe Garden, this year. Property development brought a turnover of $375.35 million to the firm for the year to December. Mr Lin expects the company's core paint product business, which generated a turnover of $893.74 million in the last financial year, to climb more than 10 per cent this year.